Murugappa group sells audio unit
New Delhi: Chennai-based Murugappa group has sold its Meltrack cassette unit and electronic arm to the RPG group.  The group has already sold its Parryware ceramic tiles unit to H&R Johnson of the Rajan Raheja group.

These sales are part of the group's restructuring programme undertaken on the recommendation of McKinsey and Co. The group will move out of its non-core business and retain only 10 to 12 core businesses by 2005. It has some 28 different business units now.
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Philips introduces new audio systems, CTV
Calcutta: Philips India has announced the launch of four audio models and one 29-inch colour television model. The launches are part of the company's Target 2000 plan, according to Probir Mukherjee, head of the company's television business.

The company is aiming to be among the top three brands in the market with an overall market share of 10 per cent, Mr Mukherjee says. In addition to Cinema Surround, its new colour TV, Philips India will introduce Matchline models, like Real Flat Matchline, sometime in October, according to Mr Mukherjee.
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Air-India to market Indrail passes
New Delhi: Air-India will market Indrail passes abroad under a tie-up with the Indian Railways. Air-India will also undertake promotional activities for the Indian Railways besides making Indrail passes available at its offices abroad in three segments -- first class, second AC and second ordinary.   Indrail passes have validity periods of half-day, one day, and two, four, seven, 15, 21, 30, 60 and 90 days. The passes can be used without any route or train restrictions.
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HMT hikes capital
Bangalore: HMT has increased its authorised capital from Rs 110 crore to Rs 135 crore by converting a government loan into equity. It has taken into account the conversion of borrowings of Rs 33.35 crore into equity, pending approval of the government.

In 1998-99, the government had sanctioned budgetary support of Rs 43.45 crore to the company, of which Rs 21.85 crore were earmarked for equity and Rs 21.60 crore as loans to meet capital expenditure and towards operations of the Srinagar watch factory.

The company's share capital has increased to Rs 130.5 crore as on 31 March 1999.
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Sivanandha Steels to sell land
Chennai: Sivanandha Steels of Coimbatore is planning to sell its surplus land of about 11.25 acres at its Ambattur factory premises in Chennai to reduce its interest burden and strengthen its finances. The company had reported a loss of Rs 2.4 crore in 1998-99 against a profit of Rs 82.6 crore in the previous year.

The company has submitted a financial restructuring proposal to banks.
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Ford, General Motors recall cars for correction
Detroit: Ford Motor Company and General Motors have said they have each recalled more than 160,000 cars to correct safety defects. General Motors has already recalled 168,000 Buick Century and Buick Regal mid-size sedans, made between March 1998 and April 1999 to correct a defect in the anti-lock brake system that may cause the fuel hose to overheat and leak, possibly resulting in a fire under the hood.

Ford Motor recalled 183,000 Ford Contour and Mercury Mystique compact sedans -- a second recall for these cars -- because the accelerator cable may fray and cause the accelerator pedal to stick when the vehicle is running.

Both companies claimed there have been no reports of accidents or injuries owing to these defects.
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Cherokee may be discontinued
Detroit: DaimlerChrysler is considering discontinuing manufacture of its Jeep Cherokee sport utility after it launches a new model, currently code-named 'KJ', in 2001. Executives of the company are discussing whether the current Cherokee SUV should be continued as a limited edition vehicle overseas or be discontinued after the new model comes out in January 2001.
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